Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

2 points Save Abe and Bin form a general partnership. Bill commits negligence in the course of the partnership business and the partnership is sued.

image text in transcribed
2 points Save Abe and Bin form a general partnership. Bill commits negligence in the course of the partnership business and the partnership is sued. The jury awards $100,000 to be paid by the partnership. Bill has no assets or money. Abe just inherited one million dollars from his grandmother. The partnership's bank account is virtually empty and has no assets. Who must par the $100.0007 On The judgment will attach to Bal given that only Bar's behavior resulted in the lawsuit. Once Bil has assets, he must pay $50,000 and Abe must pay $50,000. b. Abe and Bil are jointly and severally liable. Given that the partnership has no assets, Abo must pay the entire amount, then se Bill for Bar's half ($50,000) owed c. The judgment will attach to Bill given that only Bills behavior resulted in the lawsuit. Once Bill has assets, he must pay the full judgment. d. Neither Bil nor Abe owen the money. The partnership will have a le placed against its future earnings. This plaintiff must wait for payment A Moving to another question will save this response Quention 2 of 50 5 3 6 8 7. T T Y U

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Social Media Audit And Stats Audit And Statistics For Social Media Platforms

Authors: Virtual Desk Tools

1st Edition

B09JDX8Z9M, 979-8492994938

More Books

Students also viewed these Accounting questions